Tokyo Apartment Sales in December 2018

The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2018:

Building

Sold Price(Yen/sqm)

(USD/sq.ft)

Days Listed

Discount

Ark Hills Sengokuyama Residence (2012)1-Bedroom

¥2,640,000/sqm

$2,260/sq ft

21

2.6%

Ark Hills Sengokuyama is a 47-storey mixed-use development by Mori Building. The high-end residences are located on the lower half of the building and include concierge service and the Hills spa. Despite having 243 apartments, including Mori’s rental-only units, only 3 apartments are currently available for sale in this building, with an average asking price of 2,830,000 Yen/sqm. Two of those three apartments are rented to tenants with gross yields of 2.5 ~ 3.2%.Supply is extremely limited in this building with just 9 resale listings appearing on the market over the past 6 years. This apartment is only the second publicly reported sale in this building (other sales may go un-reported). When sales began in 2012 (a time when Japan’s property market was at the bottom), 1-Bedroom units were priced from 1,685,000 Yen/sqm, which was a considerably high price at the time.

One Avenue Ichibancho Bunjin-dori (2018)3-Bedroom

¥2,350,000/sqm

$2,010/sq ft

127

0.7%

One Avenue Ichibancho Bunjin-dori is a recently completed 14-storey apartment building located 600 meters west of the Imperial Palace moat. Off-the-plan sales began in June 2016, with 22 of the 32 apartments made available for purchase. When new, apartments were priced around 2,350,000 Yen/sqm. This was a corner apartment on a mid-floor. It sold for approximately 10% more than its price when brand new.

Proud Roppongi (2017)2-Bedroom

¥2,325,000/sqm

$1,990/sq ft

305

0.2%

Proud Roppongi is a luxury low-rise just 220 meters from Tokyo Midtown and 800 meters from Roppongi Hills. Apartments are on the large size for Japan with units ranging from 100 ~ 300 sqm +. There are currently no re-sale listings in this building. The average resale price in 2018 was 2,400,000 Yen/sqm.

Proud Ebisu Minami (2016)3-Bedroom

¥2,271,000/sqm

$1,940/sq ft

107

1.5%

Proud Ebisu Minami is a 13-storey building located just a 2 minute walk from Ebisu Station. There are currently no resale listings in this building. The average resale price in 2018 was 2,120,000 Yen/sqm. This has been the most expensive reported resale in this building on a price-per-square-meter basis to date. It sold for approximately 6% more than an identical apartment a few floors down sold for five months earlier.

The Westminster Roppongi (2003)3-Bedroom

¥2,265,000/sqm

$1,935/sq ft

297

1.4%

The Westminster Roppongi is a 99-unit building located adjacent to the Roppongi Hills complex. The former rental building was renovated and apartments were sold off individually a few years ago. The current average asking price in this building is around 2,525,000 Yen/sqm. Four of the five current sale listings are rented to tenants. This apartment was a spacious corner unit on a low floor. There have only been 4 reported resales in this building to date. The average sale price in 2018 was around 2,290,000 Yen/sqm.

Brillia Towers Meguro (2017)2-Bedroom

¥2,180,000/sqm

$1,865/sq ft

140

1.4%

Brillia Towers Meguro is a multi-tower high-rise office and residential complex located on the eastern side of Meguro Station. When new, apartments on floors 30 and above had an average price of 2,435,000 Yen/sqm, while lower floors were priced around 1,700,000 ~ 2,010,000 Yen/sqm. The building was completed in December 2017. As of December 2018 there were 18 apartments listed for resale, down from 21 listings in August and down from 41 listings in April. The average asking price was 2,120,000 Yen/sqm. Apartments over 80 sqm in size had an average asking price of 2,645,000 Yen/sqm. The average apartment size was 62 sqm (667 sq.ft). There were 28 reported resales in 2018 with an average sale price of 1,910,000 Yen/sqm. This was a compact-sized apartment on a high floor. It sold for approximately 2% more than an identical apartment on a lower floor sold for in 2017.

The Parkhouse Gran Sanbancho (2014)3-Bedroom

¥2,004,000/sqm

$1,710/sq ft

16

0%

A luxurious 148-unit high-rise located in a prestigious location just 250 meters west of the Imperial Palace moat. When new, apartments had an average price of around 1,450,000 Yen/sqm, and all new apartments sold out five months before construction was completed. There is currently just 1 resale listing in this building with an asking price of 1,936,000 Yen/sqm. This apartment sold for 1.1% more than it previously traded for 12 months prior and has been the most expensive reported resale in this building on a price-per-square-meter basis to date.

The Jingumae Residence (2013)3-Bedroom

¥1,929,000/sqm

$1,650/sq ft

105

0%

The Jingumae Residence is a high-rise located a 9 minute walk from Omotesando Station and 650 meters from the Olympic Stadium site. There were just 3 sale listings in the 220-unit building as at the end of December 2018, with an average asking price of 1,890,000 Yen/sqm. The average sale price in 2018 was 1,675,000 Yen/sqm, up 1.5% from 2017 (1,650,000 Yen/sqm). When new, apartments had an average price of 1,327,000 Yen/sqm. This was a compact-sized apartment on a high floor. It has been the highest reported resale in this building on a price-per-square-meter basis to date. It sold for approximatley 36% more than an identical apartment a few floors down sold for in late 2013.

Park Court Geo Nagatacho (2008)3-Bedroom

¥1,745,000/sqm

$1,490/sq ft

23

0%

Park Court Geo Nagatacho is a 14-storey apartment building located in Japan’s political center and a 2 minute walk from Nagatacho Station. There have only been 6 reported resales in this building over the past 10 years. This was a corner apartment on a high floor with city views. It has been the most expensive reported resale in this building on a price-per-square-meter basis to date.

Open Residencia Aoyama The House (2017)2-Bedroom

¥1,551,000/sqm

$1,325/sq ft

5

6.5%

Open Residencia Aoyama The House is a low-rise apartment building located near Aoyama Itchome Station in the Minami Aoyama address. When new, apartments had an average price of around 1,600,000 Yen/sqm. This was a compact apartment located in the basement.

About the data:

The data is based on information supplied to REINS by agents.

This information is voluntarily provided, and not all transactions are recorded.

The discount, for example, is based on the last advertised listing price at the time of sale, rather than the original list price.

Some listings are constantly updated, so the days listed between listing on REINS and final sale may not be accurate. The days listed are also based on the day that the agent registered the property as being sold, which is sometimes done on the day of the contract signing, settlement or even later if the agent forgets to update the listing.

Not every sale is reported above.

Price per square meter or per square foot is calculated based on apartment’s internal floor area and does not include balconies, car parks or common areas.

Exchange rate is at the time of publishing the article and is subject to change (1 USD: 108.71 Yen).

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